This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following statements regarding individual retirement accounts (IRAs) is (are) true? ... (Read 77 times)

Tirant22

  • Hero Member
  • *****
  • Posts: 532
on: Jul 11, 2018
Which of the following statements regarding individual retirement accounts (IRAs) is (are) true?
 
  I. If an individual's only income during the year is from investments, he or she cannot make an IRA contribution.
  II. The funds in the IRA can be used to purchase life insurance on the owner.
  A) I only
  B) II only
  C) both I and II
  D) neither I nor II

Question 2

Which of the following statements about the withdrawal of funds from a traditional IRA is true?
 
  A) Withdrawals of deductible contributions between the ages of 59.5 and 65 are subject to a tax penalty unless they are withdrawn because of specified circumstances such as death or long-term disability.
  B) Amounts attributable to nondeductible contributions are fully taxable as ordinary income when received.
  C) Withdrawals must begin no later than April 1 of the year following the calendar year in which an individual attains age 70.5.
  D) Withdrawals must be taken in the form of an annuity.


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

elyse44

  • Sr. Member
  • ****
  • Posts: 319
Reply #1 on: Jul 11, 2018
Answer to Question 1

Answer: A

Answer to Question 2

Answer: C


Tirant22

  • Member
  • Posts: 532
Reply 2 on: Jul 11, 2018
Excellent

bulacsom

  • Member
  • Posts: 329
Reply 3 on: Yesterday
Great answer, keep it coming :)

« previous next »
 

Did you know?

IgA antibodies protect body surfaces exposed to outside foreign substances. IgG antibodies are found in all body fluids. IgM antibodies are the first type of antibody made in response to an infection. IgE antibody levels are often high in people with allergies. IgD antibodies are found in tissues lining the abdomen and chest.

Did you know?

Signs of depression include feeling sad most of the time for 2 weeks or longer; loss of interest in things normally enjoyed; lack of energy; sleep and appetite disturbances; weight changes; feelings of hopelessness, helplessness, or worthlessness; an inability to make decisions; and thoughts of death and suicide.

Did you know?

The oldest recorded age was 122. Madame Jeanne Calment was born in France in 1875 and died in 1997. She was a vegetarian and loved olive oil, port wine, and chocolate.

Did you know?

The first-known contraceptive was crocodile dung, used in Egypt in 2000 BC. Condoms were also reportedly used, made of animal bladders or intestines.

Did you know?

Amphetamine poisoning can cause intravascular coagulation, circulatory collapse, rhabdomyolysis, ischemic colitis, acute psychosis, hyperthermia, respiratory distress syndrome, and pericarditis.

Meiosis Accounts for the Segregation of Alleles Meiosis Accounts for the Segregation of Alleles
Achondroplasia. The individual in this photograph has the reduced limb development that typifies thi Achondroplasia. The individual in this photograph has the reduced limb development that typifies thi
True Forget-Me-Not True Forget-Me-Not
Adapoids and omomyoids had longer snouts and are the first “true” primates. Adapoids and omomyoids had longer snouts and are the first “true” primates.
How to convert verbal statements into algebraic equations (Part 4) How to convert verbal statements into algebraic equations (Part 4)
Brain metabolism in a schizophrenic individual (left) and a normal individual (right). These scans o Brain metabolism in a schizophrenic individual (left) and a normal individual (right). These scans o
Video: Epidural Hematoma

For a complete list of videos, visit our video library